Tenn. Comp. R. & Regs. 0180-15-.01 - SCOPE

(1) This Chapter establishes rules relating to the application or notification procedures required for the direct or indirect acquisition of banks, savings associations or savings banks. These rules provide the Department with the ability to monitor compliance with the deposit cap which prohibits any bank holding company from acquiring a Tennessee bank if the acquisition would result in the bank or bank holding company controlling thirty percent (30%) or more of the insured deposits in the state. These rules also establish the Department's ability to monitor compliance with the prohibition against any bank or bank holding company acquiring a bank which has not been in operation for five (5) years, subject to any and all exemptions.

Many of these rules are necessary to implement the recent statutory changes which permit interstate banking and branching. Finally, these rules allow the Department to review acquisitions for safety and soundness as a means of preserving state-chartered banks, savings associations and savings banks.

Notes

Tenn. Comp. R. & Regs. 0180-15-.01

Original rule filed November 25, 1975; effective December 27, 1975. Amendment filed February 17, 1984; effective May 15, 1984. Repeal and new rule filed December 31, 1996; effective April 30, 1997.

Authority: T.C.A. §§ 45-1-107, 45-2-1405, 45-3-801, and 45-14-113.